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Apple Watch: Apple's smartwatch redefines the market

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The rumors were true, and although we didn't actually see the device or any single hint of it before today, the iWatch exists, and it's called "Apple Watch." Tim Cook just showed off the device for the first time with a video that showed a variety of health software and other apps, as well as a plethora of interchangeable watchbands.

"What we didn't do is take the iPhone and shrink it. It would be a terrible customer experience," Cook said, showcasing a small dial on the side of the device called the digital crown. The crown lets you zoom in and out on the screen, scroll through lists, and it also functions as a home button that sends you back to a central screen where apps are stored.

The device vibrates using what Apple calls a "Taptic Engine," and lets you feel notifications without a sound. The idea here is that you'll be able to check your updates without disturbing those around you.

Apple's beloved digital assistant Siri also makes an appearance on the watch, so you can ask for information on things like movies or sporting events, or get answers to virtually endless number of questions right from your wrist.

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The watch is slated to come in three different versions: The standard Apple Watch, Apple Watch Sport, and Apple Watch Edition. The differences are mainly relegated to materials, with the Sport version coming in strengthened aluminum, and the Edition version comes in 18k gold. Each version also comes in two sizes, which makes it perfect for those with large or small wrists.

Third party apps will also be supported, which is obviously a huge addition. Twitter was shown off as an example, and it's essentially the full Twitter client shrunken down for the watchface.